Increasing Rents, Decreasing Space

I’m always happy to weigh in on Staten Island real estate and yesterday I had the opportunity to speak with Tracey Porpora from Staten Island’s Advance. Without question, we have seen a shift in the way people live here on Staten Island. From the millennials down, there has been a deviation from the traditional larger housing stock we have been accustomed to on Staten Island.

According to Rentcafe.com the average apartment in the US has shrunk by 52 square feet in 10 years. So, why are people willing to pay more for less? Many apartment complexes are adding high end amenities to their apartments and building commons spaces. With careful planning you are able to drive higher rents out of smaller apartments. However, today’s consumer is extremely savvy and this model only works when it is coupled with first-rate amenities within the building and in the immediate vicinity. A perfect example is the building we did at Urby. When you offer amenities above and beyond your everyday fitness room and meeting space and start to deliver resident farms, yoga spaces, outdoor pools, communal cafes, you are able to drive a higher rate.